Zebra Acquires Hart Systems

Lincolnshire, IL, Dec. 19, 2013─Zebra Technologies Corporation (NASDAQ: ZBRA) today announced that it has acquired Hart Systems, a leading provider of cloud-based physical inventory management solutions, for approximately $94 million in cash, subject to applicable post-closing adjustments. The seller, Topspin Partners LBO, is a Long Island, NY-based private equity firm focused on the lower-middle market. The acquisition strengthens Zebra's leadership position in serving the retail industry with a broad portfolio of innovative offerings, including software and hardware solutions for inventory management and pricing, mobile point-of-sale and a broad set of applications for personalized customer engagement to deliver unique customer insights and efficient retail operations. The transaction is expected to be immediately accretive to Zebra's earnings.

"As the recognized leader in self-managed inventory solutions, Hart gives retailers better tools to optimize in-store inventories in an environment of increasingly complex global supply chains," stated Anders Gustafsson, Zebra's chief executive officer. "It is an excellent strategic fit for Zebra. Hart's solutions add high-value software and data analytics capabilities to Zebra, and increase our presence within the Internet of Things ecosystem. The business expands the portfolio of products, solutions and services Zebra provides to current customers, and gives us important relationships with new ones."

Headquartered in Hauppauge, NY, Hart Systems provides solutions that enable retailers to conduct self-directed in-store inventory operations. The company's innovative cloud-based Software-as-a-Service solutions deliver significant cost savings, improved accuracy, greater control, and real-time web-based data analytics over competing methods of physical inventory management. Hart's solutions incorporate mobile computing terminals from leading automatic identification companies and provide a proven return on investment. Hart System's customers include leaders in a broad range of retail segments including apparel, grocery, consumer electronics, convenience and automotive.

"We are thrilled to be entering into an exciting new era with Zebra Technologies," stated Edward Tonkon, Hart's chief executive officer. "From the outset of our involvement with Zebra, we recognized several opportunities to create value for our customers. Being part of Zebra Technologies will enable us to accelerate the realization of our long-term growth opportunities through building on Zebra's industry-leading solutions and global reach."

Forward-looking Statement

This press release contains forward-looking statements, as defined by the Private Securities Litigation Reform Act of 1995, including, without limitation, the statement regarding the company's expectation of the earnings accretion related to the acquisition of Hart Systems. This statement represents estimates only as of the date they were made. Zebra undertakes no obligation, other than as may be required by law, to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason after the date of this release.

These forward-looking statements are based on current expectations, forecasts and assumptions and are subject to the risks and uncertainties inherent in Zebra's industry, market conditions, general domestic and international economic conditions, and other factors. These factors include customer acceptance of Zebra's hardware and software products and competitors' product offerings, and the potential effects of technological changes. The continued uncertainty over future global economic conditions, the availability of credit, capital markets volatility, may have adverse effects on Zebra, its suppliers and its customers. In addition, a disruption in our ability to obtain products from vendors as a result of supply chain constraints, natural disasters or other circumstances could restrict sales and negatively affect customer relationships. Profits and profitability will be affected by Zebra's ability to control manufacturing and operating costs. Our success in integrating the operations of Hart Systems could affect the profitability and ultimate contribution to Zebra's sales and earnings. Because of a large investment portfolio, interest rates and financial market conditions will also have an impact on results. Foreign exchange rates will have an effect on financial results because of the large percentage of our international sales. The outcome of any litigation in which Zebra may be involved is another factor. The success of integrating acquisitions could also affect profitability, reported results and the company's competitive position in it industry. These and other factors could have an adverse effect on Zebra's sales, gross profit margins and results of operations and increase the volatility of our financial results. When used in this release and documents referenced, the words "anticipate," "believe," "estimate," and "expect" and similar expressions, as they relate to the company or its management, are intended to identify such forward-looking statements, but are not the exclusive means of identifying these statements. Descriptions of the risks, uncertainties and other factors that could affect the company's future operations and results can be found in Zebra's filings with the Securities and Exchange Commission. In particular, readers are referred to Zebra's Form 10-K for the year ended December 31, 2012.

About Zebra Technologies

A global leader respected for innovation and reliability, Zebra Technologies Corporation (NASDAQ: ZBRA) offers technologies that give a virtual voice to an organization's assets, people and transactions, enabling organizations to unlock greater business value. The company's extensive portfolio of marking and printing technologies, including RFID and real-time location solutions, illuminates mission-critical information to help customers take smarter business actions. For more information about Zebra's solutions, visit http://www.zebra.com.

About Topspin Partners LBO

Topspin is a Long Island, NY-based private equity fund that makes control investments in profitable and established lower middle-market businesses. The firm invests across a number of industries, including consumer products, consumer services, business services, food/beverage, retail, information services and security. In addition, the Topspin team has considerable operational expertise and collaborates with management teams to build businesses of varying stages and sizes. Further information on Topspin can be found at www.topspinlbo.com.

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